Abstract

The Companies Act (71 of 2008) requires boards to comprise:

Private and personal liability companies: at least one director in addition to the minimum number of directors required (in terms of the company Memorandum of Incorporation (MOI) or in terms of the Companies Act) to appoint an audit committee or a social and ethics committee;

Public and non-profit companies: at least three directors in addition to the minimum number of directors required (in terms of the company MOI or in terms of the Companies Act) to appoint an audit committee or a social and ethics committee.